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‘Multi-Threaded’ Blockchain Solana Receives $20 Million in Funding

Jul 30, 2019😶Neutral

The development team behind proof-of-stake (PoS) blockchain Solana received $20 Million in funding, according to a press release shared with Cointelegraph on July 30.

Per the release, the funding round was led by Multicoin Capital, with participation from Distributed Global, Blocktower Capital, Foundation Capital and Blockchange VC, among several other companies.

Solana claims that the platform is the first web-scale blockchain, since they believe it to be the first solution capable of hosting applications with computational bandwidth akin to the modern internet.

"Solana is the closest thing to the "world computer" blockchain developers conceptualized in the early days of crypto," said Kyle Samani, co-founder and managing partner of Multicoin Capital.

Per the press release, the Solana network can support 50,000 transactions per second.

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